Nigeria earns $236bn from petroleum exports in five years

Nigeria earns $236bn from petroleum exports in five years

Nigeria, Africa’s top oil producer, earned a total of $236.15bn from petroleum exports over the last five years, a new report by the Organisation of Petroleum Exporting Countries has shown.

OPEC, in its 2019 Annual Statistical Bulletin, put the value of Nigeria’s petroleum exports at $75.196bn in 2014; $41.168bn in 2015; $27.295bn in 2016; $37.983bn in 2017, and $54.513bn in 2018.

In 2018, the value of the country’s petroleum exports was the sixth biggest in the 14-member group, behind Saudi Arabia’s $194.358bn, UAE’s $74.94bn, Iraq’s $68.192bn, Iran’s $60.198bn and Kuwait’s $58.393bn.

The group said member countries’ economy indicators, including GDP growth and current account balance, continued to improve in 2018.

Source: Punch Newspaper.